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OVL close to clinching 20% Sakhalin III stake

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India is steps away from picking up a stake in Russia's Sakhalin III project. Petroleum Minister Murli Deora today said the government would bid for a 20% stake in the oil and gas fields of the project on behalf of ONGC Videsh (OVL).

"We will ask Russia for 20% stake in Sakhalin III. If we get this, it will significantly boost our quest for energy security," Deora told Business Standard.

The minister said the government wanted to sign a definitive agreement for the Sakhalin III stake during Russian President Vladimir Putin's state visit, which began today.

The minister was scheduled to meet Putin later in the day to discuss increased co-operation in the energy sector. This included OVL's interest in other exploration blocks including the Trebs and Titov exploration blocks in Timan Pechora region.

© Business Standard

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